Debt Cures by Kevin Trudeau

Debt Cures

Kevin Trudeau

A supremely informative book! I’d recommend it to anyone. These are my notes. Not anywhere near exhaustive, but it has some good key information in it.

 

Statute of limitations has run out.

“Alleged debt”

 

Balance Sheet= Assets + Liabilities

Income Statement= Revenue + Expenses (for a month)

 

Call your CC Co. and ask for them to lower your interest rate (page 56 for script)

Reducing the interest rate reduces the monthly payment and overall debt.

 

Get your report more than once a year

Subscribe to a credit monitoring service

 

FICO score 350—850. The higher the better

Upper 700s “Excellent Risk”

 

Vantage score 501-990

The big three credit reporting agencies united together to use the same formula for a consistent score that they named vantage score

 

FICO is still the one that carries the weight

 

Good, Better, Best

General rule of thumb regarding how FICO credit scores are judged by creditors:

 

Less than 619…………………………………………. High Risk

620-660…………………………………………………. Uncertain

661-720…………………………………………………. Average (Acceptable)

721 and higher……………………………………….. Very good

Over 750……………………………………………….. Excellent

 

How We Rank

Recent credit scores among U.S. population approximately rank out:

 

Up to 499………………………………………………. 1%

500-599…………………………………………………. 12%

600-699…………………………………………………. 27%

700-749…………………………………………………. 20%

750-799…………………………………………………. 29%

Over 800……………………………………………….. 11%

 

Even though under the Fair Credit Reporting Act, the credit reporting agencies must supply you with one free report per year, they are not required to provide your FICO score for free. Usually there is a fee for the FICO. Where to get it: www.myFICO.com

Collection agency = ask if you pay it off, if they will delete it from your records

If you find such a collection agency, do everything you can to pay them.

 

Increase it:

Increase your credit score with a quick call to the credit card companies. For every card you have, call each one and ask that they increase your credit limit.

You do want the increase in your credit limit – not to make more purchases, but to boost your credit score more. Your credit score improves dramatically if you do not use all of your available credit. By not using all of your available credit, your credit score can go up as much as 50 points!

FICO score system only wants you to use 30-35% of your available credit on each card. The credit card company may give you a credit limit of $1,000, but you should only charge $300.

 

Federal Student Loans

Stafford Loan, 2 Types

 

1. Federal Direct Student Loan Program (FDSLP) are government direct loans to students

 

2. Federal Family Education Loan Program (FFELP) are loans given by private lenders but are guaranteed by the federal government

 

Both types are Stafford loans and carry a fixed interest rate. All lenders give the same rate, but you must be able to get a discount for making payments electronically. These loans also have a 4% loan fee, which comes right out of the money you receive. The usual term repayment is 10 years, and you start repaying six months after graduation.

 

Perkins Loan – a federal loan 5% interest rate

Private loan goes by my FICO score

 

After you’re done with college, you are allowed to consolidate all your loans once

http://loanconsolidation.ed.gov/ or call Department of Education 1-800-557-7392

 

-repay loans as much as possible

-make weekly or biweekly payments

-start an LLC (Limited Liability Corporation)

Your business gets a corporate tax ID Number

Corporate credit scores have a different number system. 80 is considered excellent.

Dun & Bradstreet is a rating agency that is best known

-search for credit building companies that have contact information of businesses who will give me money right away

-in general, the interest rates on business credit cards are lower than interest rates you pay on your personal credit cards

-the interest as a business is tax deductible

-get a business bank account

- http://www.benefits.gov/

For grants and other programs for free money

- http://www.grants.gov/

Federal Grants user guide http://www.grants.gov/assets/gdg_appuserguide_0207.pdf

SBA with very good interest rates and easy terms www.sba.gov

 

Foundations & Private Sources that provide various funds

http://foundationcenter.org/getstarted/individuals/

or www.fundnetservices.com or www.kn.pacbell.com/products/grants/locate.html

 

www.usa.gov contains valuable information about U.S. government agencies

first topic listed is benefits and grants

 

www.govloans.gov is your gateway to government loan information

 

SBIR – Small Business Innovation Research Program offers monetary awards:

Some totaling as much as $100, 000 http://www.sba.gov/content/small-business-innovation-research-program-sbir-0

The SBA office of Technology also has the Small Business Technology Transfer Program (STTR) (see pages 256-257)

 

Low Documentation Loan Program www.sba.gov/financing/lendinvest/lowdoc.html

 

Small Business Development Centers in every state www.sba.gov/services

(see page 257-258 for more SBIC help

 

Foundations www.foundations.org

 

Grants: www.grantsolutions.gov – Grants Center of Excellence (COE)

 

CFDA – Catalog of Federal Domestic Assistance

http://12.46.245.173/pls/portal30/CATALOG.FIRST_TIME_USER_DYN.show

 

Low Income Home Energy Assistance Program (LIHEAP)

For funds to pay your energy bills http://www.acf.hhs.gov/programs/ocs/liheap/

Free Unplanned Transportation 202-366-4020 (page 268)

Free House Repair (page 270)

Need an outfit and don’t have a job? www.dressforsuccess.org

www.bottomlesscloset.org

 

Individual Development Account

A special kind of savings account

For every dollar you put in, the government puts in a dollar, and a private group puts in a dollar. It triples your investment!

www.idanetwork.org

 

Houses in rural area: help fix up your house, pay your rent, or even purchase a house

http://www.rurdev.usda.gov/Home.html

 

First time home buyer: http://www.hud.gov/offices/cpd/affordablehousing/programs/home/addi/

 

College student who qualify may be able to get a grant up to $4,000 per year to pay their bills

http://ed.gov/about/offices/list/fsa/index.html

 

Grants for school: www.studentaid.gov

 

Foundation for lower income women who are over 35 for college

www.rankinfoundation.org

 

How to write grants: http://nonprofit.about.com/od/foundationfundinggrants/tp/grantproposalhub.htm

 

By this book alone, you can increase your riches.

Inspiring you to have more Wealth and Riches in every area of your life,

Dexter Black

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